{"id":104616,"date":"2025-06-16T00:00:00","date_gmt":"2025-06-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/gdp-grows-4-y-o-y-in-2024\/"},"modified":"2025-06-16T00:00:00","modified_gmt":"2025-06-16T00:00:00","slug":"gdp-grows-4-y-o-y-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/06\/16\/gdp-grows-4-y-o-y-in-2024\/","title":{"rendered":"GDP grows 4% y-o-y in 2024"},"content":{"rendered":"

The UAE<\/strong>\u2019s GDP reached just under AED 1.7 tn in 2024<\/strong>, growing by 4% y-o-y, state news agency Wam<\/a> reported. Non-oil GDP grew by 5% \u2014 totalling AED 1.3 tn, and accounting for 75.5% of the country\u2019s gross domestic product \u2014 while oil-related activities made up the remaining AED 434 bn to the overall economy. <\/p>\n

Driving the growth:<\/strong> The transport and storage sector was the fastest-growing contributor to GDP in 2024, recording 9.6% y-o-y growth. This was mainly driven by the performance of UAE airports, which saw the number of passengers increasing by 10% to 147.8 mn. This was followed by the building and construction sector, which grew at 8.4% due to \u201csubstantial investments in urban infrastructure.\u201d<\/span><\/p>\n

Financial and ins. activities also expanded by 7%<\/strong>, while the hotels and restaurants basket grew by 5.7%. Finally, the real estate sector grew by 4.8% during the year.<\/p>\n

As for non-oil activity<\/strong>, the UAE\u2019s trade sector contributed the most to the GDP with 16.8%, while the manufacturing sector came in second with 13.5%. The financial and ins. activities made up 13.2%, construction and building accounted for 11.7%, while real estate activities contributed 7.8% of the non-oil GDP.<\/p>\n

This came in line with the Central Bank of the UAE (CBUAE)\u2019s <\/strong>forecast<\/a><\/strong><\/a>, as well as that of Capital Intelligence Ratings. Meanwhile, the International Monetary Fund (IMF) projected<\/a> growth of 3.7%, while the World Bank expected<\/a> the UAE\u2019s growth to come in at 3.3% in 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transport and storage sector emerged as the fastest-growing contributor to GDP last year<\/p>\n","protected":false},"author":1,"featured_media":104617,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1556],"tags":[157,19,7,20,1342,1367],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-104616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-the-uae","tag-economy","tag-enterpriseam-uae","tag-gdp","tag-investment","tag-transport","wpautop","entry"],"acf":{"mongo_id":"2fe609d9-2d9b-4f8d-aa9b-2333ad4fd798","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/471.jpg","photo_position":"above","homepage_title":"","full_issue_title":"GDP grows 4% y-o-y in 2024","related_issue":[104606],"teaser":"The transport and storage sector emerged as the fastest-growing contributor to GDP last year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/6\/.71766331-665f-4081-9414-9c07338f129d.mp3"},"yoast_head":"\nGDP grows 4% y-o-y in 2024 - 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